IMF cuts UK growth forecast for 2017 after weak Q1

Also downgraded US growth for 2017 and 2018

The International Monetary Fund (IMF) has downgraded its forecast for UK growth from 2% to 1.7% after a weaker-than-expected reading in the first quarter of 2017.

In its latest World Economic Outlook, the organisation, which is headed up by Christine Lagarde, said UK growth had been weaker than expected. However, the IMF said the forecast was not based on concerns over the threat of Brexit negotiations, while the forecast for 2018 has remained unchanged at 1.5%. Speaking to the BBC, Maurice Obstfeld, IMF's chief economist, said: "We have long predicted that Brexit would have some negative long-term effects, but in the case of this year's forecast [downgrade] we are basing it purely on the observation of data for the first part of this year whic...